Euro
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Acquisitive Informa, TDF Infra and Würth join the ranks looking for funding -
Issuer-friendly mismatch in supply and demand masks the difficulty of timing the market
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Bloc prices another blockbuster after launching repo facility as it adapts to shifting relative value in pursuit of sovereign status
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Wide SSA spreads and stale secondary levels are pushing out covered spreads and NIPs
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◆ Only €5bn left of €80bn funding task ◆ Dollars and smaller currencies on the menu ◆ ‘Right demand, right product, right time’
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◆ Pricing over size prioritised... ◆ ... but likely not at the initial stage ◆ Elevated concession, albeit not the main measure of FRNs' attractiveness, suggests limits to investor demand
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◆ Euro covered priced inside dollars for Canadians ◆ Small premium paid ◆ Infrequent funder 'in the pack' with peers
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◆ Capped deal starts with spread range fixed from outset ◆ Issuer adds €115m of orders after setting spread ◆ Finding fair value tricky
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◆ Five year deal planned ◆ Savings banks to drive demand ◆ Deal to harness interest for high spread German paper
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◆ Book falls €150m from its peak ◆ Leads pledge €107m ◆ Single A deal tricky to compare
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◆ New Zealand bank prints for first time in more than a year ◆ Deal execution is one of the best from the issuer for senior funding in euros in recent years ◆ Pricing comes close to FV
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◆ Last expected euro benchmark of year ◆ 'Lower size can yield good results' for KfW ◆ Differing fair value opinions
